Background*

John E. Aschenbrenner served as President of Insurance and Financial Services of Principal Financial Group Inc., since December 3, 2003. Mr. Aschenbrenner served as Head of Life and Health Insurance and Mortgage Banking Segments of Principal Financial Group Inc.'s operations. He served as an Executive Vice President of Principal Financial Group Inc., since April 2001 and Executive Vice President of Principal Life since January 2000 to 2003. Prior thereto, he served as ... Senior Vice President of Principal Life from 1996 to December 1999. Mr. Aschenbrenner serves as a Director of the 24 mutual funds that comprise the Principal Family of Mutual Funds. Mr. Aschenbrenner serves as a Director of Principal Management Corporation and Princor Financial Services Corporation ('Princor') since 1998. He serves as a Director of America's Health Insurance Plans. Mr. Aschenbrenner served as a Director of Principal Variable Contracts Fund Inc., since 1998.Mr. Aschenbrenner currently serves on the Board of Visitors of the Henry B. Tippie College of Business - University of Iowa and Chair of Board of Directors at United Way of Central Iowa. He is the past chairman of the board of directors of the Iowa College Foundation and LIMRA International. He is also a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries, a member of the Actuaries Club of Des Moines, member of National Coalition on Health Care, LIMRA Leadership Institute Fellow (LLIF), and a Chartered Life Underwriter (CLU). Mr. Aschenbrenner received his bachelor's degree from the University of Iowa and his master's degree from the University of Iowa. He is a member of Phi Beta Kappa.

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